Jefferies downgraded Clearwire (NASDAQ: CLWR) from Buy to Hold with a price target of $2.00 (down from $4.00).

The firm comments, "We are downgrading CLWR shares to Hold from Buy and reducing our 2012 YE target price to $2 from $4. In our view, while the asset value of CLWR's spectrum remains the same, near-term bandwidth availability from VZ, and potentially DISH, could delay CLWR's spectrum sale. We believe CLWR funding gap of $2.5 billion could become a challenge as early as 2Q13 in the absence of an asset sale."

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